@Frank Rodriguez Typically, lenders will require any liens to be paid off against the property when you close on the refinance.

If I understood the report I could determine the deal.....we are thinking that once we refinance and add the mortgage in, we would end up with a negative monthly cash flow. 

He wants me to refinance my FHA loan with 3.5% interest and 148$ Mortgage insurance premium, To a conventional loan with the same but maybe slightly higher interest rate but no MIP.

Can I get denied for a cashout refinance or delayed finance because of not having a permit for the remodel ?

After my one year is up I can refinance to get rid of the PMI correct?

You certainly could take out a traditional mortgage to buy a property, renovate it and refinance it.

Are you more interested in growing your portfolio, the BRRRR method may be for you, especially now while you can refinance at a good rate. 

You need to offer them a very high interest rate of return for the risk of low down and not qualified, you won't be able to refinance without the equity and the seller will know their only option in non payment is foreclosure. 

My plan was to buy it rehab it and refinance.

This gives me 18 months of collecting rent to save for a down payment once I do a cash out refinance at the end of the term and give back the $150,000.